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Completing the single market in securities trading: A surgical revision of the investment services directive

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  • Steil, Benn

    ()
    (Council on Foreign Relations)

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    Abstract

    Over the past decade, European exchanges have undertaken enormous reforms in their trading platforms and internal governance. Automation of trading combined with the internationalization of the major trading institutions has significantly intensified pressures for the consolidation of exchanges and systems. For this process to operate efficiently it is important that unnecessary legal barriers to cross-border competition and consolidation be removed. This requires reform of the Investment Services Directive, to which the European Commission is already committed. This article explains the logic behind the changes which would be required, and recommends a highly targeted revision of the Directive that is likely both to avoid damaging delay in the Council of Ministers and to be effective when implemented.

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    Bibliographic Info

    Article provided by Capco Institute in its journal Journal of Financial Transformation.

    Volume (Year): 3 (2001)
    Issue (Month): ()
    Pages: 45-51

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    Handle: RePEc:ris:jofitr:1270

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    Related research

    Keywords: Exchanges; Automation of trading; Investment Services Directive;

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